Property investors who have had real estate in Carnegie, 3163 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 3.06%
Across a shorter period, Carnegie, 3163 has seen a median price increase of -2.50% over the last quarter.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.19% offered to property buyers. Sellers in Carnegie itself are offering an average vendor discount of -4.43% to real estate investors.
Residents and property investors in Carnegie have been waiting around 55 days to sell a property.
Over the last year, property investments in Carnegie, 3163 have given investors a capital gain of -5.54%. This compares very badly with the 7.50% for VIC as a whole.
Taking the average capital gain, or increase in median house value, Carnegie,3163 has racked up an average of -5.54% over the period. This ranks it number 1222th in the whole country for real estate investors looking at median house price increases.
Property investors looking for a bargain in Carnegie should be aiming for at least -5.05% off the asking price, which is the average vendor discount being achieved at the moment.
A $400 per week rent on the median house gives suburb investors a gross yield of circa 3.78%, without taking into account capital value appreciation, which has been averaging out at 4.43%.
Situated 12km from the Melbourne CBD, Carnegie is an established suburb where vacancy rates have tightened from 1.9% to 1.5% in the 12 months leading up to March 2018Full summary
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Vacancies are squeezed further
Median unit price: $599,000
Vacancy rate: 1.5%
Three-year growth: 12.0%
Situated 12km from the Melbourne CBD, Carnegie is an established suburb where vacancy rates have tightened from 1.9% to 1.5% in the 12 months leading up to March 2018.
The unit market in this area has been performing admirably since 2013, with an average annual growth rate of 6.2%. The median price comes in at just under $600,000, and the average rental rate comes in at $400 per week.
Initially christened as Rosstown, Carnegie is home to a bustling commercial scene. The shopping district is centred on Koornang Road and Dandenong Road. Koornang Park and the Carnegie Swim Centre are located here as well, along with Carnegie Primary School. Residents are served by the Cranbourne/Pakemham rail line, several bus routes and the Carnegie tram route.Close